Security Deposit Requirement
At Boot Team Property Management, we request a security deposit equal to twice the rent amount. We recognize that managing the security deposit can difficult amidst various moving expenses, which is why we've partnered with Obligo.
All About Obligo
It Pays to Stay with Boot Team & Obligo
As an amenity to you, your property partnered with Obligo to let qualified new renters skip paying a cash security deposit at move-in. Current renters can also live deposit-free by choosing to apply their existing security deposit to rent. Obligo charges a fee for our service (a small percentage of your rental’s security requirement and a few other factors), and you keep your cash to invest, save, travel, or spend!
To live deposit-free, simply provide a payment method through the Obligo platform. If there are damages or missed rent at the end of the lease, your property manager will be authorized to charge this payment method - up to the stated amount of security requirement - and you will be billed by Obligo.
Obligo is not an insurance product. You’re still accountable for any charges, but Obligo does offer the ability to repay charges in interest-free installments. Like a traditional deposit, you also maintain the right to dispute charges directly with your property manager. - Obligo
Example of Security Deposit With Obligo
Obligo charges a low service fee to cover 75% of your security deposit for a low one-time fee between 10-24% of the Obligo amount.
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Ex. Rent is $2,000
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Security Deposit Requirement - $4,000
Obligo will cover 75% - $3,000
Obligo Service Fee Range to Cover $3,000 - $300 - $720
Remaining 25% due at move-in - $1,000
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Total Security Deposit Coverage: $4,000
Price you pay for coverage: $1,300 - $1,720
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That is less than 1x the rent security deposit amount!​